Gemini's IPO Stock Price Surges Above $40 on First Day, Valuation Reaches $4.75 Billion at Peak

According to a report by Jinse Finance, the cryptocurrency company Gemini, led by the Winklevoss brothers, performed strongly on its first day of trading on the Nasdaq. The stock price briefly surpassed $40, pushing the company's valuation to approximately $4.75 billion at its peak. Gemini's IPO involved the issuance of over 15 million Class A shares, priced at $28 per share, raising $425 million—higher than the previously expected range of $24 to $26 per share. Founded in 2014, Gemini's business spans cryptocurrency trading platforms and custody services. Bloomberg reported that post-listing, the Winklevoss brothers are expected to control approximately 94.5% of the voting rights. Gemini recorded a net loss of $282.5 million in the first half of the year. Meanwhile, another cryptocurrency company, Figure, saw its stock price rise about 24% above its offering price on its IPO's first day this week, indicating continued enthusiasm for crypto firms going public in the U.S.